Oil prices stabilized in early Asian trading on Monday as fears of a recession in the United States began to recede, after causing prices to fall for three consecutive weeks for the first time since November.
Concerns that the banking crisis in the United States would slow the economy and slump fuel demand in the world’s largest oil consumer led to a 5.3 percent drop in Brent crude last week, and pushed West Texas Intermediate crude down 7.1 percent, despite the big recovery on Friday, which saw all 4 crude rise. percent.
A better-than-expected US jobs report for April, dollar weakness, and dealers’ anticipation for the next meeting of the Organization of the Petroleum Exporting Countries (OPEC) and its allies, known together as OPEC + in June, helped.
price move
Brent crude futures fell about 1 cent to $75.29 a barrel by 0242 GMT. US West Texas Intermediate crude futures rose by about one cent to $71.35, according to Reuters data.
“Oil’s recovery comes on the heels of a rally in energy stocks on Wall Street last Friday after the US reported strong jobs data, easing fears about an impending recession that led to selling early in the year,” said Tina Ting, an analyst at CMC Markets. the week”.
On Wednesday, the United States is expected to issue a report on the consumer price index for the month of April, which will determine the attitude towards interest rates, amid expectations that the Federal Reserve (the US central bank) will stop raising interest temporarily.
2023-05-08 02:52:52
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